Figure out Cost of goods sold for March Lowery Company uses a perpetual inventory system. Thefollowing information is available for the month of March:Mar. 1 On hand, 10 units at $2 eachSold 8 units for $10 eachPurchased 50 units at $4 eachSold 48 units for $10 eachO4O22If the company uses the LIFO inventory costing method,how much is cost of goods sold for the month of March?26a. $208b. $212Oc. $204O d. $560

The following inventory methods used for inventory valuation as follows under:--Specific…

Answered: me company uses the LIFO inventory…

me company uses the LIFO inventory costing method, w much is cost of goods sold for the month of March? O a. $208 O b. $212 O c. $204

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Figure out Cost of goods sold for March

Lowery Company uses a perpetual inventory system. The
following information is available for the month of March:
Mar. 1 On hand, 10 units at $2 each
Sold 8 units for $10 each
Purchased 50 units at $4 each
Sold 48 units for $10 each
O
4
O
22
If the company uses the LIFO inventory costing method,
how much is cost of goods sold for the month of March?
26
a. $208
b. $212
O
c. $204
O d. $560

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